Local markets end slightly higher
\nIT Sector slumps 1.2pc
\nSmall Caps led by AT1<\/p>\n
\u00a0<\/p>\n
The ASX 200 traded sideways again today, closing the day +0.1% higher as gains in Financials and Real Estate were offset by losses in Tech and Mining stocks.<\/p>\n
Traders mulled over the GDP data dropped earlier today which shows that the Australian economy grew at just 0.2% last quarter \u2013 meeting expectations \u2013 and +1.5% over the past 12 months.<\/p>\n
It was the weakest growth rate since the 1990s, providing evidence that the RBA\u2019s persistent rate hikes have been effective.<\/p>\n
\u201cAnother rate rise would cruel the economy \u2013 and we expect to see 100 basis points of cuts in 2024-25,\u201d said Deloitte Access\u2019 partner, Stephen Smith.<\/p>\n
\u00a0<\/span>\u201cMonetary and fiscal policy need to pivot away from containing inflation to stimulating economic growth.\u201d<\/p>\n To stocks, Tech dragged the ASX lower today, while gold mining stocks tracked the bullion price rally overnight.\u00a0<\/span><\/p>\n Big bank stocks like the Commonwealth Bank (ASX:CBA)<\/a> and National Australia Bank (ASX:NAB)<\/a> also rose.<\/p>\n Bitcoin meanwhile is trading within a narrow range in Asian hours of around US$63k, after resetting all time highs overnight of US$69k overnight.<\/p>\n \u00a0<\/p>\n Via MarketIndex<\/em><\/p>\n \u00a0<\/p>\n Fed Reserve chairman Jerome Powell will give his semi annual testimony to Congress later today (US time).<\/p>\n He faces lawmakers and market participants intent on getting more clarity about how he intends on proceeding with rate cuts this year.<\/p>\n \u201cThe question now for the market is to glean any information on when the Fed will begin employing rate cuts and how many,\u201d said Quincy Krosby at LPL Financial.\u00a0<\/span><\/p>\n Prior message from Powell indicates the\u201cdanger of moving too soon\u201d and that the Fed should have a \u201ccautious approach\u201d.<\/p>\n But the market seems to be getting ahead of itself as gold and Bitcoin touched record highs.<\/p>\n \u201cSpeculation over a Fed rates pivot and continued geopolitical tensions keep gold shining,\u201d said Ewa Manthey at ING Groep.\u00a0<\/span><\/p>\n \u00a0<\/p>\n Today\u2019s best performing small cap stocks:<\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/p>\n Code Name Price % Change Volume Market Cap NME Nex Metals Explorat 2.20 69.23 719,580 $4,582,923 SLZ Sultan Resources Ltd 2.30 64.29 4,250,180 $2,074,661 M4M Macro Metals Limited 0.45 50.00 117,486,556 $8,436,233 1AD Adalta Limited 3.20 28.00 64,473,613 $13,145,102 ASV Assetvisonco 1.40 27.27 676,590 $7,984,202 AT1 Atomo Diagnostics 3.40 25.93 44,741,154 $17,258,462 DXB Dimerix Ltd 27.50 25.00 9,201,144 $96,255,826 NVQ Noviqtech Limited 0.50 25.00 15,959,142 $5,237,781 TMX Terrain Minerals 0.50 25.00 790,000 $5,726,683 ARV Artemis Resources 1.80 20.00 5,080,535 $25,367,942 ADD Adavale Resource Ltd 0.60 20.00 100,000 $5,055,861 AL8 Alderan Resource Ltd 0.60 20.00 4,333,333 $5,534,307 MSG Mcs Services Limited 0.60 20.00 584,509 $990,498 OAU Ora Gold Limited 0.60 20.00 12,459,224 $28,700,004 UCM Uscom Limited 2.70 17.39 8,846 $5,625,515 AUZ Australian Mines Ltd 1.75 16.67 38,054,129 $19,597,666 ODY Odyssey Gold Ltd 2.10 16.67 797,367 $16,179,680 OPN Oppenneg 0.70 16.67 500,000 $6,775,078 RNX Renegade Exploration 0.70 16.67 1,896,028 $6,010,343 DEL Delorean Corporation 6.50 16.07 278,496 $12,080,371 PLT Plenti Group Limited 75.00 15.38 1,200,411 $113,507,930 IPT Impact Minerals 1.50 15.38 24,058,429 $37,241,151 TTM Titan Minerals 3.00 15.38 3,289,990 $44,092,003 CR1 Constellation Res 9.80 15.29 872,175 $4,241,961 ALA Arovella Therapeutic 15.50 14.81 2,564,747 $124,896,092 <\/p>\n WordPress Table Plugin<\/a><\/p>\n Atomo Diagnostics (ASX:AT1)<\/a>\u00a0 <\/span>rocketed by as much as 90% this morning after announcing that it has secured a significant order for its HIV Self-Tests.<\/p>\n Atomo said it secured purchase orders from US-based\u00a0Viatris Healthcare for approximately $970k worth of HIV Self-Tests, manufactured by Atomo under the Mylan brand, for supply to a number of Low- and Middle-Income Countries (LMICs).<\/p>\n AdAlta (ASX:1AD)<\/a> announced key results from its Phase 1 extension study of lead asset AD-214, a drug for fibrotic diseases.<\/p>\n AdAlta says the results have positively answered key partnering discussion questions to support progressing AD-214 to Phase II clinical studies in Idiopathic Pulmonary Fibrosis (IPF).<\/p>\n Metalicity (ASX:MCT)<\/a> says drilling approvals at its 80% owned Yundamindra Gold Project (20% owned by JV partner Nex Metals Exploration (ASX:NME)<\/a> have been lodged for the first drilling program in over a decade. MCT says following favourable Wardens Court decisions regarding the Yundamindra tenements the company has been undertaking extensive internal and external review of all historical data and activities at the highly prospective gold project.<\/p>\n Constellation Resources (ASX:CR1)<\/a> announced that it has been conditionally accepted as the preferred applicant for six Special Prospecting Authorities with an Acreage Option (SPA-AO) applications over the Edmond-Collier and Yerrida Basin area. The application areas are considered to be prospective for helium and associated gases. The six SPA-AOs cover a total of 712 graticular blocks (56,192km2) over the Edmond-Collier and Yerrida Basins.<\/p>\n Zoono Group (ASX:ZNO)<\/a> announced that it has entered into an Exclusive Agency Agreement with OSY Group to promote the sale of Zoono products for the food supply chain sector. OSY is a leading-edge provider of technologies in the hygiene technology sector. The company was recently awarded an Innovate UK Award granting funding to support its food shelf-life extension work.<\/p>\n Artemis Resources (ASX:ARV)<\/a>\u2019s gound reconnaissance sampling from its 100% owned Artemis tenement E47\/1746 delivered assay results from the Mt Marie prospect including:<\/p>\n 24AR01-14 \u2013 4.67% Li2O Aruma Resources (ASX:AAJ)<\/strong><\/a> rose on the back of high-grade rare earths discovered at its Salmon Gums project in the Eastern Gold Fields of Western Australia. Maiden REE-focused drilling there has returned multiple high-grade clay rare earths of \u201csignificant thickness\u201d, including: 11m at 904ppm TREO from 18m; 6m at 770pmm TREO from 24m; 18m at 638ppm TREO from 12m and more.<\/p>\n Magellan Financial Group (ASX:MFG)<\/strong><\/a> rose after after reporting the funds under management (FUM) in February rose to $37.2bn from $36.3bn in January.<\/p>\n \u00a0<\/p>\n Today\u2019s best performing small cap stocks:<\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/p>\n Code Name Price % Change Volume Market Cap CNJ Conico Ltd 0.20 -33.33 425,840 $4,710,285 ABE Ausbondexchange 1.10 -26.67 333,320 $1,690,022 1AG Alterra Limited 0.30 -25.00 104,426 $3,482,763 XST Xstate Resources 1.50 -25.00 959,550 $6,430,383 WHK Whitehawk Limited 3.70 -24.49 19,461,936 $16,565,465 EDE Eden Inv Ltd 0.20 -20.00 433,725 $9,195,678 ESR Estrella Res Ltd 0.40 -20.00 5,003,586 $8,796,859 ROG Red Sky Energy. 0.40 -20.00 828,556 $27,111,136 SEG Sports Ent Grp Ltd 19.00 -19.15 2,200 $62,215,872 GCM Green Critical Min 0.50 -16.67 2,066,940 $6,819,510 IBG Ironbark Zinc Ltd 0.50 -16.67 1,507,200 $9,563,236 INP Incentiapay Ltd 0.50 -16.67 70,175 $7,463,580 VAL Valor Resources Ltd 0.25 -16.67 18,909 $13,767,040 ICR Intelicare Holdings 1.60 -15.79 199,844 $4,461,665 MXC Mgc Pharmaceuticals 42.50 -15.00 75,602 $21,925,816 REY REY Resources Ltd 8.50 -15.00 900 $21,168,754 FRS Forrestaniaresources 1.80 -14.29 200,055 $3,397,501 HFY Hubify Ltd 1.20 -14.29 17,094 $6,945,908 T3D 333D Limited 0.60 -14.29 3,333 $836,115 TTI Traffic Technologies 0.60 -14.29 6,320 $5,303,691 LVH Livehire Limited 3.35 -14.10 86,714 $14,157,116 CTT Cettire 405.00 -13.09 13,811,191 $1,776,570,105 SRX Sierra Rutile 10.00 -13.04 121,857 $48,787,191 AKN Auking Mining Ltd 2.00 -13.04 2,548,279 $5,413,135 ASQ Australian Silica 4.00 -13.04 246,876 $12,965,577 <\/p>\n WordPress Table Plugin<\/a><\/p>\n Dicker Data (ASX:DDR)<\/a> has announced founder, chairman and CEO has David Dicker has sold down ~8.3 million shares\u00a0 representing ~10.2% of the company\u2019s issued capital due to a recent divorce settlement and restructuring of his portfolio. The sale was undertaken at a price of $10.90 per share by way of an underwritten block trade equating to ~$90.47 million.<\/p>\n Cettire (ASX:CTT)<\/a> <\/strong>dropped -13% after a report by the AFR suggested the company was not paying duties to Australian customs.<\/p>\n Cettire denied the allegations, telling the ASX:<\/p>\n \u201cCettire believes that all applicable duties and other import charges are paid to the relevant authorities at the point of customs clearance. Goods are unable to clear customs unless the applicable duties are paid.\u201d<\/p>\n \u00a0<\/p>\n Pursuit Minerals (ASX:PUR)<\/a> has started drilling the first hole into the Maria Magdalena tenement which forms part of its Rio Grande Sur lithium project in Argentina.<\/p>\n Each drill hole is expected to reach a depth of 500-600m and will take about one month to complete. Results are expected over the coming months.<\/p>\n This phase of drilling is aimed at growing the project\u2019s existing inferred resource of 251,300t LCE @ 351 mg\/Li.<\/p>\n Conrad Asia Energy (ASX:CRD)<\/a> has added a further $2.85 million to its bank account following the completion of a security purchase plan and shortfall placement to eligible CDI holders.<\/p>\n The supplementary raising was announced alongside last month\u2019s $13 million placement<\/a> to new and existing institutional and sophisticated investors.<\/p>\n Proceeds from both capital raisings will be used to complete a 3D seismic survey across the company\u2019s shallow water Aceh gas discoveries and ongoing costs associated with the Mako gas project offshore Indonesia.<\/p>\n \u00a0<\/p>\n Flynn Gold (ASX:FG1)<\/strong><\/a>\u2013 Pending further announcement<\/p>\n Belararox (ASX:BRX)<\/a><\/strong> \u2013 Material cap raise<\/p>\n Aurumin (ASX:AUN)<\/a><\/strong>\u2013 Cap raise<\/p>\n Strike Resources (ASX:SRK)<\/a><\/strong> \u2013 Potential disposal of the company\u2019s Paulsens East Iron Ore Project<\/p>\n Si6 Metals (ASX:SI6)<\/a><\/strong> \u2013 Cap raise<\/p>\n Gold Mountain (ASX:GMN)<\/a><\/strong> \u2013 Cap raise<\/p>\n \u00a0<\/p>\n At Stockhead, we tell it like it is. While Pursuit Minerals and Conrad Asia Energy are Stockhead advertisers, they did not sponsor this article.\u00a0<\/em><\/p>\n <\/span><\/p>\n The post Closing Bell: Cettire rejects AFR claims, GDP\u2019s gone back to the 90\u2019s and ASX200 ends above the ice<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX Sectors on Wednesday<\/h2>\n
Jerome Powell\u2019s testimony preview<\/h2>\n
ASX SMALL CAP LEADERS<\/h2>\n
\n24AR01-15 \u2013 2.11% Li2O
\n24AR01-02 \u2013 1.74% Li2O
\n24AR01-06 \u2013 1.68% Li2O
\n24AR01-11 \u2013 1.46% Li2O<\/p>\nASX SMALL CAP LAGGARDS<\/h2>\n
IN CASE YOU MISSED IT \u2013 PM Edition\u00a0<\/span><\/h2>\n
TRADING HALTS<\/h2>\n